How does the average American family pay for college

In recent years, the average private college charged $ 43,921 for tuition, meals and lodging. Public schools requested $ 19,548 for students from the same state as the school, and $ 34,031 for students from other states.

Photo: depositphotos.com

The amounts are considerable, so CNN turned to the Sallie Mae report, which explored how the average American family pays for college.

Scholarships. The good news is that scholarships and grants cover 34% of the costs of training a typical American family. Scholarships may be granted by a college, state or federal government. They are based either on financial need or on the merits of a child in school.

There are also thousands of scholarships from companies, non-profit organizations, community groups for which a student can apply.

Mother and father. Parents usually pay 29% of the cost of the child’s education. This is almost $ 7000 per year. To pay for tuition, they take money from savings or their income.

Revenues and savings of students. Do not underestimate your children. On average, students themselves pay 12% of the cost of education.

Grandmothers and grandfathers. It turns out that other family members - grandparents, friends - pay 5% of the cost of education.

Credits. The rest is covered by low-interest student loans until the amount crosses the line. For first-year students, such a loan will be $ 5500 per year; in the next two years, you can receive an additional $ 1000 per year.

In a pinch, students and parents can borrow from private lenders, which usually means higher interest rates and fewer payback options.

On average, student borrowing covers 13% of the total cost of education, and parent borrowing covers 7% of the total cost.

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